Diablo Technologies Expands Funding Round To $36 Million
OTTAWA, Canada, March 19, 2013 /PRNewswire/ -- Diablo Technologies, a proven innovator in memory system interface products, today announced that it has closed an additional $7.5 million of funding, increasing the total equity investment of its most recent funding round to $36 million. The oversubscription includes a new investment from U.S. Venture Partners and additional funding from existing investors. In conjunction with the new investment, USVP Partner Chris Rust joins Diablo's board of directors.
The additional funding will be used to support Diablo's upcoming launch of its groundbreaking Memory Channel Storage™ (MCS) technology platform and provides the company with increased ability to market and distribute its disruptive technology across a broader set of applications. The soon-to-be-announced MCS products enable substantial improvements in transaction processing and data analysis within compute-servers, enterprise datacenters and cloud-computing facilities worldwide.
"As the Diablo team works aggressively to bring our innovative technology platform to market, it's great to have the additional vote of confidence from USVP that we are solving a very big problem and enabling the next big step of flash market deployment," said Riccardo Badalone, founder and Chief Executive Officer of Diablo Technologies. "We thank USVP for their contribution to the funding round. The added resources will help us introduce a truly innovative set of products, as well as continue to strengthen our board of directors with the addition of Chris.""Behind the disruptive technology platform that Diablo is preparing to roll out is a great team of energetic and passionate people working to make Memory Channel Storage a reality for customers," said Rust. "I'm excited to have the opportunity to join in Diablo's funding round and am looking forward to working closely with Riccardo and the team as they expand their market scope and scale their business prospects to even greater heights."
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